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Published: Mar 10, 2022 4 min read
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Inflation just keeps getting worse, with some cities seeing consumer price increases of nearly 11%. Prices for certain goods, like gas and cars, are absolutely going through the roof.

Overall, consumer prices rose 7.9% on a yearly basis in February, which is the highest 12-month increase since January 1982, according to data released Thursday by the Bureau of Labor Statistics (BLS). On a monthly basis, prices ticked up 0.8% between January and February.

All that price growth comes thanks to a perfect storm of economic factors: a huge surge in consumer demand for goods over the last year combined with major snags in the global supply chain that caused shortages and shipping delays, which mean higher costs for businesses. Businesses pass those costs on to consumers in the form of higher prices.